Defense contractor Arotech bringing nearly $4 million in new projects to Ann Arbor
Defense simulation and training contractor Arotech will direct the majority of recently awarded contracts to its Ann Arbor division First Ann Arbor Corp. Inc., according to a report in Crain’s Detroit Business.
The contracts, worth about $4 million, come primarily from the U.S. Air Force for programs in air warfare simulation.
Earlier in 2013, Arotech reported a net loss of more than $2 million in 2012 on $80.1 in revenue, which, while not in the black, compared favorably with a net loss of $4.9 million on $62.1 million in revenue in 2011.
Arotech was in danger of being removed from the Nasdaq Stock Exchange in late 2012 after the company’s value hit a low point of 72 cents per share. Recently the company has bounced back above the one dollar threshold necessary to stay on the exchange and is trading at approximately $1.10 per share for a market capitalization of $16.4 million.
Ben Freed covers business for AnnArbor.com. You can sign up here to receive Business Review updates every week. Reach out to Ben at 734-623-2528 or email him at firstname.lastname@example.org. Follow him on twitter @BFreedinA2